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Work by the Numbers<\/a> is a deep-dive into the biggest trends, research and surveys in the world of work and real estate.<\/em><\/p>\n\n\n\n Many people dream of being their own boss. The flexibility<\/a> to set your own hours, the autonomy to choose what you work on, and the power to reap the rewards of your work are all powerful motivators. For many, this aspiration remains just a dream. But in the past two years, broad changes in the economy, the rise of flexible work, and the great resignation<\/a> have pushed millions to start businesses where they can be their own boss. The vast majority of these businesses are small ones\u2014those with 10 or fewer employees.<\/p>\n\n\n\n According to the United States Census Bureau<\/a>, an estimated 5.4 million new business applications were filed in 2021, a 53 percent increase over 2019. Applications began exceeding pre-pandemic levels in the summer of 2020\u2014resulting in a record 4.4 million applications that year. This sustained increase from 2020 to 2022 contrasts with previous economic downturns like the Great Recession, which saw a drop in applications compared to pre-recession numbers that began in late 2007 and lasted nearly a decade.<\/p>\n\n\n\n The new businesses being set up now also look different than before. There\u2019s a larger share of applications filed by women<\/a>, people without college degrees, and Black Americans. It\u2019s often said that small business is the backbone of America. With these businesses generating 50 percent<\/a> of GDP in the United States, it\u2019s easy to see why. <\/p>\n\n\n